Stanbic IBTC Fixes Scrip Dividend Price at N24.79

Scrip Dividend

By Dipo Olowookere

The price for the scrip dividend allotment for shareholders who opt to receive their cash reward in stocks has been pegged at N24.79 per unit by Stanbic IBTC Holdings Plc.

Earlier, the board of the company recommended the payment of N2 dividend to shareholders for the year ended December 31, 2019, with qualification date set for March 18, 2020.

In 2015, at an Extraordinary General Meeting (EGM), shareholders granted the board an approval to allow investors get their dividend in the company’s equities till 2020 financial year.

In a notice to the Nigerian Stock Exchange (NSE) on Thursday, Stanbic IBTC said it has fixed a price for the scrip dividend allotment, saying it is N24.79 per share.

Explaining how it arrived at the value, Stanbic IBTC said it was determined through “the volume weighted average price (VWAP) of the company’s shares on the Nigerian Stock Exchange for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.”

“With respect to the N2 dividend indicated above, the reference price for determining the scrip dividend allotment is N24.79,” the financial firm said.

However, it stressed that the dividend was still subject to approval of the shareholders at the company’s Annual General Meeting (AGM) slated for Wednesday, June 17, 2020.

The dividend would be paid to shareholders whose names were on the register of members as at the qualification date for the payment.

It said shareholders, who wish to receive their N2 dividend by way of new ordinary shares, can either download the Scrip Dividend Election form from its website via http://reporting.stanbicibtc.com/resultsreports.php.

“In addition, you may also obtain a copy of the form by contacting either the Group Company Secretary– Email: chidi.okezie@stanbicibtc.com or Idris Toriola, Head Investor Relations – Email: idris.toriola@stanbicibtc.com; Tel +234 1 422 8501; or by contacting the Registrars: First Registrars and Investor Services Limited on Tel: +234 1 2701078-9,” the company said, adding that, “All completed forms must reach the Registrars on or before close of business on Friday May 29, 2020.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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